When you buy a new car in Florida, the fourth dimension you have to notify your insurance company can vary because there are no state laws guaranteeing how much time policy companies must give you to switch your existing policy to a new car. Each policy company sets its own grace period. That ’ sulfur why it ’ randomness important to find out how much time you have to contact your policy company and how much coverage your newfangled cable car will have according to your specific policy details .
When You Need Insurance to Buy a New Car in Florida
If you ’ re financing a car, you will probably be required by your lender to have proof of policy before driving off the distribute. You can get the information you need for a policy, like the car ’ sulfur VIN, from the franchise before completing the buy. If you do have an active policy, your stream proof of insurance should be all you need .
If you ’ re paying cash or buying a car outright from a individual seller, you credibly won ’ thymine be asked to provide proof of indemnity to take possession of the vehicle. Either means, you placid have to meet minimum fiscal province requirements to drive legally in Florida : $ 10,000 in bodily injury liability coverage, up to $ 20,000 per accident, along with $ 10,000 in liability coverage for property damage.
If you lease or finance a car, you ‘ll probably besides need collision and comprehensive coverage to protect the lender ‘s investing. Collision policies average $ 489 per year, and comprehensive policies average $ 159 per class in Florida. You can expect a premium of around $ 1,729 for a full coverage policy consisting of liability, collision, and comprehensive examination coverage .
Because you have to provide validation of indemnity before you can take possession of a newly financed cable car, some insurers extend comprehensive and collision coverage to existing customers in adept religion, regardless of whether their current policy has those types of coverage. If that ’ s the case, your grace period will be shorter—2 to 4 days rather of 7 to 30 .
How New Car Insurance Grace Period Works in Florida When You’re…
- Replacing your old car with a new car. Most insurance companies offer a 7 to 30 day grace period if you replace a covered vehicle on your policy. The same type and amount of coverage that applies to the car you’re replacing will apply to the new one. If you have multiple cars on your policy, Florida requires that your new car is covered by the highest level of coverage on the policy.
- NOT replacing your old car with a new car. If you aren’t replacing your car when you purchase a new one, you should confirm you have at least minimum liability coverage for the car you are buying in Florida. Not all insurance companies extend coverage if you are adding a new vehicle to your policy—for example, if you’re going from two to three cars. If they do, it will be for a shorter time, usually 2 to 4 days.
Although you probably have a grace period if you ’ re already insured, it ’ mho best not to depend on it. Contact your insurance company arsenic soon as potential to let them know about changes to your policy, particularly when it comes to confirming coverage for a newly car.